DBRS lowers GM

DBRS said it downgraded the ratings of General Motors Corp., including GM's issuer rating to D from C.

The ratings action follows the company's filing for Chapter 11 bankruptcy protection in the United States, the agency said, adding that with respect to GM's secured bank facilities, the rating remains at CC (low) under review with negative implications.

While these facilities are included in the bankruptcy filing, DBRS said it believes that there is still a chance that full payment will be made in the near term, at which point the rating would be discontinued.

DBRS noted that GM has indicated that General Motors of Canada Ltd. does not intend to file for protection in Canada under the Companies' Creditors Arrangement Act.

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